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dc.contributor.authorWright, Ianen_US
dc.description.abstractThis paper describes a nonlinear dynamic model of the convergence of market prices to natural prices in a multisector simple production economy under conditions of a constant technique and composition of demand. Prices and quantities adjust in real time according to the classical principle of cross-dual dynamics. The economy gravitates toward an asymptotically stable equilibrium in which natural prices are proportional to labor-values. To demonstrate an application of the model we reply to Mirowski's (1989) critique that Marx held a contradictory substance and field theory of value.en_US
dc.publisherEconomics Department, Faculty of Social Sciences, the Open Univ. Milton Keynesen_US
dc.relation.ispartofseriesOpen Discussion Papers in Economics, The Open University 75en_US
dc.titleConvergence to natural prices in simple productionen_US
dc.typeWorking Paperen_US
Appears in Collections:Open Discussion Papers in Economics, The Open University

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